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Would you take profit with 500pips profit or?

  • Opened Apr 8, 2007 | Never Closes | 42 Votes
  • Poll Results
Buy or Sell  
Buy more 12 Votes
29%
Hold or sell hedge 30 Votes
71%
  • Post #1
  • Quote
  • First Post: Apr 8, 2007 11:00pm Apr 8, 2007 11:00pm
I had a buy stop at 92.00 in Feb 07. Price got hit on 1st March 07.

With a simple calculation on Capital $11,000, i placed a 0.5 standard lot. Now we're sitting at 500+ pips profit, i'd like to run a poll and see what is the majority of votes on the things i should do.
Balance: $11,467 Equity: $13,969 Swap: $252.36 536 PIPS 0.5 Lots


1. This profit is miniscule! Do nothing, wait.
2. 1 month is too short a timeframe to take profit, i'm looking at minimum 1
year, best is take profit in 20 years time!!! Meantime live on part-time
jobs or whatever.
3. Take Profit now.
4. Hedge by short same lot size and TP 100 to 200 pips range.
5. Buy more, are you blind not to see the trend is up?
Attached Image
Still waters run deep
  • Post #2
  • Quote
  • Edited at 11:18pm Apr 8, 2007 11:06pm | Edited at 11:18pm
lol....no offense but this is a new one for me. I don't know what your entry conditions are but taking polls as a method for exiting is a new one for me.

The bottom line is if your analysis says you should exist, then exit. If it doesn't then don't.

And if you don't really have any analysis and this trade was just luck, then exit now.

And I don't know the exact calculations off the top of my head, but I believe you would have had an open drawdown of around 18% at the bottom of that dip, what would have been your plan if that dip had never climbed never back up? (Besides taking a poll)
Quoting aicccia
lol....no offense but this is a new one for me. I don't know what your entry conditions are but taking polls as a method for exiting is a new one for me.

The bottom line is if your analysis says you should exist, then exit. If it doesn't then don't.

And if you don't really have any analysis and this trade was just luck, then exit now.
Do have game plan, just bored.
Still waters run deep
Not sure if you are serious here.....but why ask us or pick arbitrary exit points???

Let the market tell you when it's time to get out. Use a trailing stop loss!

If you ask me......in your trade, I'd have mine set at 96.36 right now based on the indicators I use.....just my opinion......
Quoting Brunite
Not sure if you are serious here.....but why ask us or pick arbitrary exit points???

Let the market tell you when it's time to get out. Use a trailing stop loss!

If you ask me......in your trade, I'd have mine set at 96.36 right now based on the indicators I use.....just my opinion......
Thanks, all comments and views will be taken into account positively as i journey on learning in Forex. I'm not a pro, just a bored trader looking for some conversation.
Still waters run deep
Quoting barak
Thanks, all comments and views will be taken into account positively as i journey on learning in Forex. I'm not a pro, just a bored trader looking for some conversation.
the difference between you and me is that i am a pro.

do not reply to this message as i do not respond to amateurs.
BAM BAM BOOM! -bravado
If I were you I will just put a trailing stop. Whatever happens, happens.
Quoting bravado
the difference between you and me is that i am a pro.

do not reply to this message as i do not respond to amateurs.
Thanks, whatever.
Still waters run deep
First, congrats for your 500 pip trade.

Here my thoughts:

Dont use a trailing stop.....
- because trailing stops in mt 3/4 are only activ when your computer runs.

Better...adjust your stop from time to time. (S & P....Trendlines etc.)

From the technical picture you can take same pertial profits and let the rest run. May buy more when the price came a little bit back and start again to move. Also have a look for macroeconomic parameters.

Best Regards
Strange question. If you are running a carry trade, you shouldn't care if the trade is up 500 pips or 5000 pips. You just move your stop past break even and cross your fingers this trade never turns down so you can collect your interest every day forever!
Always wait for the opportune moment… just be careful not to miss it.
Quoting fxvision
Strange question. If you are running a carry trade, you shouldn't care if the trade is up 500 pips or 5000 pips. You just move your stop past break even and cross your fingers this trade never turns down so you can collect your interest every day forever!
or -500 ,...its true in a year u can earn more then if you take the profit right now,...but if it turns long term bearish, then get out, and get in 1 more time, why not...if it doesnt, stay in....my SL would be just a little above your entry...
its just money
Indeed, when i started planning this trade, these were some of the questions i face. 1 yrs swap should be around USD3k. Presuming i'm this lucky to strike it anytime between 1 month to 12 months, i would have gotten back capital + interest (much better than banks).

By hedging a short, any profit can be manually taken at 100 levels.

A simple calculation i took was as such, price now seems to have plateaued.

Let's say we take the top as 9755 - 350 (700/2) = 9305

700 being the maximum dip it has taken these 2 yrs. Not buying bottom as i have no idea where the bottom is.

That should be my next buy stop price if i had totally close off this position. Any margin call (quite unlikely) would give me ample time to have worked and saved same amount for the process (new account with same capital) to repeat.

Any traders doing carry trading can also post your ideas, suggestions or methods here. I would gladly learn what different strategies hold.
Still waters run deep
...from your position what is maximum possible profit just from interest rate(for one year)? depends on the cost of carry & leverage you can still be profitable even with negative pips...just pray for rate increase from AUD and rate cut for JPY and can you stand -2000 pips ?...what is the cost of carry for AUD/JPY with 100:1?...keep the trade running until after a year or 1000's pips profit but for 20 yrs i dont know.
Seems option 2 is more.

I will presume thats the trend then.

Short hedge 0.2 lots. TP: 96

Thanks for the comments all.

(Myth: The numbers of posts 1 had relates to one's wisdom)
or it can also (Myth busted: reveal the lack of it.)

Maybe we can run a poll on this, haha.
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Still waters run deep
Well, if the explanation to this poll is "I'm boring", then nothing aint' break....if you're really looking for guidance here: good luck , because you will get "a thousand opinions" - there are many ways to do this.


Here, I will throw another one. If it is me, I bank the 500 Pips and look for the next trade. Too much for my stomach, sitting on a trade for a year or so.....(there is too much that could happen in this world, but EVEN MORE at markets.....) Not wanting to scare you!

You asked for the opinion - here it is! Good luck to your trade and congratulations to a great trade, too.

Peter.
Thanks really, it doesn't matter what you are saying, just say your opinion, as long as you are a trader and actively trade, any opinion is valuable.

The worst is someone who doesn't trade but have tons of theory. I used to sit on the sidelines and just talk. Finally started trading and i appreciate any traders views. Just keep them coming, you never know i have learned much from you.

Still waters run deep
500 pips os a good trade ! well done I'd either:
1. sell a portion of the position if you think it is going to retrace so you lock in some pips.

or

2. have a stop say 100 pips from the top so you protect your profit.
use a T/S!
I tell you why....

.....I know its old stuff, and maybe not even true, but supposedly 90% of Traders or so don't make it in this game, are loosing.....I see the MAYORITY of answers to this Poll says: SELL/HEDGE (myself included, LOL)....

....so what should the "smart trader" do? Maybe go with the MINORITY - here: BUY MORE....

Hey, maybe I should put up a Poll with BUY or SELL question and go with the MINORITYs opinion.....

Peter.
Im bored. I dont trade this pair but since you want to see other people's opinion, here is mine:

There would be two "what if":
(1) It has a chance of reversing by next week of IF ir reverse, I wont exit the trade. I will put a stop loss around 97.00 level.

(2) IF it contineu to rally, I would probably looking for a TP at 103.50. However my SL stays. I will only move my SL higher if I see there is a clear support level.

Keep up the good work man Let me know if it hits 103.50 in the future
Happy Trading.


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